26North Partners LP-backed 26North Reinsurance Holding Company acquires Independent Insurance Group
The transaction adds an onshore U.S. insurance platform focused on structured settlement annuities for personal injury claimants and their families.
26North Reinsurance Holding Company acquired Independent Insurance Group, structured settlement annuity provider for personal injury claimants.
Independent Insurance Group operates Independent Life Insurance Company, a U.S. carrier dedicated to issuing structured settlement annuities for injured parties, their families and advocates.
The deal gives 26North Reinsurance Holding Company entry into the U.S. structured settlement market alongside its Bermuda- and Cayman-domiciled operations.
26North Reinsurance Holding Company has approximately $13 billion in pro forma assets and helps protect more than 100,000 U.S. policyholders; its sponsor is 26North Partners LP.
"Joining 26North Re gives Independent Life access to institutional-scale capabilities.
Under 26North’s stewardship, we are positioned to serve more clients, in more markets with greater confidence than ever before," said Independent Group CEO Donald Herrema.
Terms were not disclosed.